Developer testing Davao market for 2nd project

A real estate developer is testing the viability of the horizontal project in Davao with its second project in Sasa, Davao City.

Pete Felix, vice presi-dent for Urban Housing Division of Phinma Pro-perty Holdings Corporation (PHINMA Properties) told Mirror that the company likes to test the market with a horizontal project.

“It’s a different pro-duct. Though still in studying stage we are looking for 150 units. We think that there are a lot of develop-ments that are ongoing now in the vertical side and nobody is really doing a horizontal anymore unless you are in the diversion road,” Felix said.

Felix said the said project will be located in the same vicinity of their Arezzo Place Davao, a 12 mid-rise condominium building in Sasa. The project is under the per-mitting stage.

“We think the vicinity is booming where all the development coming this way rather than the south portion. We are working on it now,” he said.

Felix said it is a two and a half hectare property for a horizontal project to be implemented in two phases and will get off the ground by next year. After that, Felix said the company can get project every year or every two years or thereafter in Davao.

Currently, Phinma is constructing the fifth building for Arezzo. He said construc-tions continue with the sixth building after the 5th building is completed.

“Our sale is ahead of our construction. Construc-tion is fast if we can sell everything tomorrow maybe construct the sixth building in maybe about two to three years time because we use the construction technolo-gies that are fast,” he said.

Felix said the sales have been quite good for Arezzo. He said that out of the five buildings that are finished or under construc-tion, 85 percent is sold. Felix said the units will be fully sold out in 2020.

Felix credited the fast sellout to their sales team and the activities ongoing here in Davao.

“I was talking to the country head of Lamudi who in fact told me that they monitored a 25 per-cent pickup in sales here in Davao from January to today and that’s a very big increase in sale,” he said.

With an investment of about P800 million to P900 million, Arezzo Place has 12 buildings and the comple-tion of the project is tar-geted one year after the company will fully sell out the buildings by 2021. All 12 buildings are five storey and 90 units per building and about 1,080 units all in all.

Felix said right now they are strictly residential in Davao and they will continue to do so.

“There’s a lot of development here I think the growth here in Davao is still ahead of it and I think the influx of demand will be far greater than what can be supplied at this point in time. In fact, infrastructure has to catch up with the traffic problem. “Davao has changed significantly since we first started coming here that goes to show you the kind of prosperity and the kind economic activity that there is in Davao and that is expected to even grow much faster to the next five years at least. In the last five years I’ve seen the changed in traffic,” he said.

Cagayan de Oro is another area that PHINMA Properties is eyeing.

Felix said they are still scouting for areas in CDO for both horizontal and vertical. He said another division in Phinma Proper-ties, the socialized housing division, has a project already in CDO but it has not started.

“That is one of the reasons also why our division is looking to go to CDO because our sister division is already there. It will be after our sister division launched in CDO that they will look into Davao also because it makes practical sense that both divisions are in the same location,” he said.

Related Posts

Comments

DISCLAIMER: The comments or opinions stated on this website are those of the authors alone and do not represent the views, policies or positions of The Mindanao Daily Mirror. We reserve the right to remove offensive comments, opinions or images that are not in line with our editorial standards.